"Things are great," says the actor, 35. "It is so important as divorced parents to keep that connection. It makes the kids feel better that the parents are interacting. … We go to all the school events together, and we're there for each other."

Given their line of work, it takes some juggling – but they've made it work. "From one week to the next you don't know where you're going to have to be for a promotional tour or on location," Phillippe says. "We've done a really good job with that, and our kids are happy and healthy and doing awesome."

While Witherspoon, 34, has been seeing agent Jim Toth for several months, Phillippe says he's not seeking a relationship at the moment. "I'm dating," he says. "Sort of my emphasis right now is on the kids and career. I think it would be good for me to be single for a little bit. Yeah, find some focus, some personal focus."

Phillippe and Witherspoon split in 2006 after seven years of marriage. They have two children together – Ava, 10, and Deacon, 6.